The government, led by Prime Minister Narendra Modi, is getting ready for a significant union budget in July, which will have important announcements. Modi expressed confidence in his government’s return to power after the Lok Sabha elections and outlined ambitious plans for the country’s growth at a recent summit.
Modi stated that India will lead global progress in the next five years under his leadership. The government is charting out a roadmap for the next 25 years and planning for its first 100 days in the third term. A senior government official hinted at the upcoming budget being substantial, indicating numerous announcements.
The full-year union budget will be announced in July 2024, following an interim budget announced on February 1. The government is likely to focus on several key areas in this budget, including decriminalizing certain laws to improve business ease, amending the Insolvency and Bankruptcy Code (IBC), and reforms in education and corporate governance.
Decriminalization of laws aims to simplify business operations, while amendments to the IBC will expedite resolution processes for distressed companies. Additionally, the government intends to attract foreign universities to establish campuses in India and enhance corporate governance through amendments to the Companies Act, particularly addressing governance issues seen in companies like Byju’s and Zee.
Furthermore, the government plans to facilitate easier exits for companies operating in Special Economic Zones (SEZs) through the Development of Enterprise and Services Hub (DESH) Bill. These measures aim to stimulate economic growth and improve the business environment in the country.